ARLA Propertymark latest findings has shown that rent rises increased to the highest figure on record in May, with 45 per cent of agents witnessing landlords increasing them.
David Cox, ARLA Propertymark Chief Executive, said: “As predicted, last month’s findings have shown an increase in rent prices in advance of the Tenant Fees Act coming into force. This rise in the number of tenants experiencing rent hikes is the highest we’ve ever had recorded, and rents will likely continue to rise as they must now cover the agent’s legitimate costs for setting up a tenancy.
Competition for properties will be increasing as the supply of properties available to rent falls, but the demand from prospective tenants grows. This ultimately pushes up rent prices on well-managed properties and leaves tenants feeling the pinch.”